Clients Crave More Customized Communications From Advisors: Survey

Fifty-three percent of respondents called their investor communications "personally relevant." Yet fewer than 4 in 10 respondents said they were "engaging," and fewer than 3 in 10 called them "actionable."

"As a result of technology transforming the customer experience, investors have come to expect a certain type and level of service no matter the industry or consumer relationship," Chris Perry, head of global client solutions at Broadridge, said at the Securities Industry and Financial Markets Association's Private Client conference.

"It's clear investors want to interact with their advisors on social channels and want high-quality, engaging and actionable financial advice. This presents a real opportunity for advisors to provide more personalized communication and experiences."

According to Broadridge, 38% of millennials use their smartphone as a primary device when reading advisor communications, compared with 21% of Gen Xers and 7% of boomers. Just 37% of boomers, 22% of Gen Xers and 10% of millennials prefer to read investment communications on paper.

The survey appeared to give the lie to the long-held industry belief that clients will overwhelmingly follow advisors who leave their firm. Forty-seven percent of Gen X clients said they would stick with their current firm regardless of whether their advisor made a move, as would 39% of boomers and 33% of millennials.

Brand and customer experience matter in today's world, Broadridge said. Forty-seven percent of Gen X and 42% of millennial respondents said an advisory firm's reputation was more influential in their decision to work with a financial advisor than individual advisors in the firm.

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